Regulatory Alerts2019-01-29
A circular dated January 29, 2019 amending the periodicity of Board of Directors meetings and the number of times of participation via telephone or video call.
In Cairo on January 29th, 2019, the Central Bank of Egypt's Board of Directors held a meeting to discuss and amend some guidelines that were issued in August 2011, September 2018, and to enhance the performance and efficiency of Egyptian banks. The board agreed to modify the following rules: 1. Change the frequency of the required board meetings from at least four times per year to a scheduled, well-organized meeting every eight times throughout the year. The board chairman or any executive director must also call for this session. 2. If an in-person attendance is not possible, members are allowed to participate via video conference after approval by the board chairman and notification of the Board Secretary. This rule will be in place for at least one year. All other guidelines remain unchanged.